Enterpreneurship

Entrepreneurship has many definitions: “one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods”, “one who organizes, manages, and assumes the risks of a business or enterprise” but the godfather of entrepreneurship studies at HBS Professor Howard H. Stevenson coined: “Entrepreneurship is the pursuit of opportunity beyond resources controlled”.

This definition brings the true experiences of any entrepreneur. It’s a pursuit of opportunity which needs to be perceived in the short window of existence of opportunity. In this period, considerable amount of time and energy needs to be devoted such that there is quantitative result in order to attract necessary resources. Delayed results from the actions performed may seize the opportunity and also the consumption of cash balances available for the opportunity allocated.

The opportunity that may be available can be either of the following: 1.Creating a new product or business model
2.Creating a better or cheaper version of the existing product or business model

Though, many profit improvement opportunities are not novel--and thus are not entrepreneurial--for example, raising a product's price or, once a firm has a scalable sales strategy, hiring more reps, etc. But given an opportunity is available, it can be classified as two types: 1.Entry Opportunity

2.Entrepreneurial Opportunity

Entry Opportunity implies the existence of a market. But some entrepreneurial opportunity and thus initiatives create fundamentally new markets. For these, there's no market to enter until the entrepreneur acts. Also, the Entry Opportunity is more applicable for large organizations with ample resources rather as compared to Entrepreneurship Opportunities. Thus, the more that the firm/individual entering a new market lacks relevant resources, the more entrepreneurial the entry would be.

Thus a real entrepreneur may encash mostly the entrepreneur opportunity rather than entry opportunity.

At a new venture's start, the entrepreneur control their own human, social, and financial capital. Many entrepreneurs bootstrap - they keep expenditures to a bare minimum while investing only their own time and as necessary, their personal funds. In some cases, this is adequate to bring a new venture to the point where it becomes self-sustaining from internally generated cash flow. But, with most high-potential ventures founders must generate more resources than they control personally. The venture eventually will require production facilities, distribution channels, working capital, and so forth. Because they are pursuing an entrepreneur opportunity while lacking access to required resources, entrepreneurs face considerable risk, which comes in four main types:

1.Demand risk – It relates to prospective customers' willingness to adopt the solution envisioned by the entrepreneur.
2.Technology risk – This relates when engineering or scientific breakthroughs are required to bring to the solution.

3.Execution risk – This relates to the entrepreneur's ability to attract future stakeholders who can implement the venture's plans.

4.Financing risk – It relates to whether external capital will be available on reasonable terms. The entrepreneur's task is to manage this uncertainty.

5.Self-belief risk – It relates to the risk of losing self-determination, will and confidence with self.

Thus, there can be a challenging situation for the entrepreneur to minimize risk without the necessary resources. This is also called Catch-22 position. For example, outside capital may be required to develop and market a product and thereby demonstrate that technical and market risks are limited. On the other hand, it can be difficult to persuade resource owners to commit to a venture when risk is still high. It is important to point out that many ideas fail in this vicious circle as the risk is high with lack or unavailability of...

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...An entrepreneur is one who organizes a new business venture in the hopes of making a profit. Entrepreneurship is the process of being an entrepreneur, of gathering and allocating the resources—financial, creative, managerial, or technological—necessary for a new venture's success. One engages in entrepreneurship when one begins to plan an organization that uses diverse resources in an effort to take advantage of the newly found opportunity. It usually involves hard work, long hours, and, usually, the hope of significant financial return. More importantly, entrepreneurship is characterized by creative solutions to old or overlooked problems; ingenuity and innovation are the entrepreneur's stock in trade. By taking a new look at difficult situations, the entrepreneur discerns an opportunity where others might have seen a dead end.
Entrepreneurship is also a source of more entrepreneurship. Societies around the world have always been fueled by the innovations and new products that entrepreneurs bring to the market. All big businesses started out small, usually as one man or woman with a good idea and the willingness to work hard and risk everything. While it is true that many new businesses fail, the ones that succeed contribute a great deal to the creation of other new ventures which leads, in turn, to a dynamic national economy. Indeed, today's economists and business researchers cite entrepreneurship as a key component of future economic growth in North America and around...

...﻿1.0 Introduction
The primary objective of this report is to analyze entrepreneurs regarding their skills, traits and cultural background. This report will provide information on how entrepreneurs came up with their business ideas for their start-ups and pay attention to their ability to turn the ideas into successful business ventures. The two entrepreneurs chosen for this report are Steven Sim from Malaysia and Fred Smith from United States. Dato’ Steven Sim established the famous Secret Recipe cafe and turned it into one of the most successful homegrown franchises in Malaysia. Whilst Fred Smith is the founder, chairman, president, and CEO of Federal Express (FedEx), the first overnight express delivery company in the world, and the largest in the world.
2.0 Description
2.1 Dato’ Steven Sim – Secret Recipe
It was 15 years ago that Dato’ Steven Sim thought of opening a bakery cafe when he saw the cafe culture was progressively creeping into the lifestyle in some of the Asian countries. The name of “Secret Recipe” came to him in a dream one day. Together with his four nephews who are all bakers, he created the Secret Recipe brand in the form of its first outlet in SS2, Petaling Jaya. With start-up capital of RM150,000, the cafe had less than 10 types of cake and only five dishes on the menu. Despite the Asian financial crisis in the same year, they were determined to see success through their commitment to offer something different and exciting for their customers....

...Individuals and Opportunities: A resource-based and institutional view of entrepreneurship
Nikolina Fuduric Aalborg University Department of Development and Planning Ph.D. Supervisor: Professor Anne Lorentzen
January 2008 Luzern, Switzerland
1
ABSTRACT Individual and Opportunities: A resource-based and institutional view of entrepreneurship
Entrepreneurial activity holds many promises for economic well-being. Some of the most well-documented promises are economic growth and job creation. Considering entrepreneurship’s potential in creating jobs and economic growth, one would think that it is an ideal strategy to use in those places that need it the most; in the economically depleted regions of the world. The answer is yes and no. It is an ideal strategy because a healthy entrepreneurial base has far-reaching effects on the economy and society. It is not an ideal strategy if the human and institutional resource base is weak. Since entrepreneurship is a socially constructed phenomenon, it will only be as robust as the people practicing it and the institutional environment in which it is enacted. This paper has two goals. The first is to examine human capabilities and the institutional environment as a set of resources giving rise to different processes and forms of entrepreneurship. The second goal is to consider how novel (Schumpeterian) and non-novel (Kirznerian) forms of entrepreneurship are affected by resources on these levels. Two theoretical platforms aid in this...

...﻿Table of Contents
Executive Summary
Mr. Bernard, owner of the ABC Food Outlet, is contemplating to sell the canteen at the ABC University. Our Boss approached Mr. Bernard, upon hearing about the upcoming sale of the canteen, with a possible offer to buy the canteen. Mr. Bernard offered to sell the canteen for the price of RM500, 000. However, since he is not sure about whether the canteen is a good buy at the price of RM500,000 , the boss asked out team to carry out valuation of business and to hand him and business valuation report for the canteen at ABC University.
In this report, valuation of business for the ABC Food Outlet will be carried out. The ABC Food Outlet is located on the campus of ABC University and has been in business at the ABC University for the past 15 years.
The aim of this report is to analyze the trends of Education Industry and its impact on the canteen business. This will provide clarity as to the future of ABC Food Outlet according to the prospects of the ABC University. Moreover, the service provided to their customers and the production process will be described meticulously. Next, the customer analysis is performed so as to acquired perfect understand of whom the ABC Food Outlet serves and how it influences the business of the enterprise. Additionally, the suppliers and the human resources of the canteen is described as well as the layout of the canteen is explicitly detailed for better understanding. Lastly, the financial...

...Module -1
Entrepreneurships (Two Mark Questions)
1.
Define Entrepreneurship ?
It is defined as the activity of an individual or a associated individuals, undertaken to
initiate, maintain or aggrandize profit by production or distribution of economic goods and
services.
2.
List the different types of Entrepreneurs?
The different types of Entrepreneurs are
1.
3.
Innovating Entrepreneur
Fabian Entrepreneur
2.
4.
Imitative Entrepreneur
Drone Entrepreneur
3.
What are the characteristics of an Entrepreneur?
The various characteristics are hard work, Achievement, optimistic, Independence,
foresight, Organiser Innovator.
4.
List out some successful entrepreneurs in our country?
Tata, Birla, Modi, Dalmia, Kirlosker are some for the successful entrepreneurs in our
country.
5.
Classify the entrepreneurship Functions?
They are classified into Risk- bearing organization and innovation.
6.
What do you mean by solo operators?
Solo operators are entrepreneur who essentially work alone and if needed at all,
employ a few employees
7.
Who are active partners?
Active partners are those entrepreneurs who start/carry on an enterprise as a joint
venture.
8.
Who are inventors?
Entrepreneurs with their competence and inventiveness invent new products. They are
called as inventors.
9.
Give any two difference between entrepreneurs and Intrapreneur?
Entrepreneurs
(i)
An entrepreneurs is independent...

...ROLE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
The entrepreneur who is a business leader looks for ideas and puts them into effect in fostering economic growth and development. Entrepreneurship is one of the most important input in the economic development of a country. The entrepreneur acts as a trigger head to give spark to economic activities by his entrepreneurial decisions. He plays a pivotal role not only in the development of industrial sector of a country but also in the development of farm and service sector. The major roles played by an entrepreneur in the economic development of an economy is discussed in a systematic and orderly manner as follows.Entrepreneurs promote capital formation by mobilising the idle savings of public. They employ their own as well as borrowed resources for setting up their enterprises. Such type of entrepreneurial activities lead to value addition and creation of wealth, which is very essential for the industrial and economic development of the country.Entrepreneurs provide immediate large-scale employment to the unemployed which is a chronic problem of underdeveloped nations. With the setting up.of more and more units by entrepreneurs, both on small and large-scale numerous job opportunities are created for others. As time passes, these enterprises grow, providing direct and indirect employment opportunities to many more. In this way, entrepreneurs play an effective role in reducing the problem of unemployment in the country which...

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Women’s Empowerment
Women’s Advancement in Bangladesh through Entrepreneurship
1. Introduction:
2. Contextualization
3. Business Scenario:
4. Support:
5. Obstacles:
6. Conclusion:
7. Reference
What is Women’s Empowerment?
a)How Women fit into the equation of economic development and business
b) Why women’s business manifestation is required in a country like Bangladesh
Types of Entrepreneurship
Finance/ Help given by the Government, NGO’s, Banks
Hindrances faced in the working arena and their combat
Recommendations for further success
Sources data obtain from
Introduction:
Despite all their family and social problems, women have struggled hard to achieve their own identity. Women from all classes of Bangladesh want to stand up before everyone in their own right and not as someone's daughter or wife. Women can be a very caring homemaker, but at the same time she can prove to be a highly skilled Entrepreneur, an efficient employee, an administrator if they choose to be.
Contextualization:
Women's entrepreneurship is not an easy task. "Becoming an entrepreneur is an evolution of encountering, assessing, and reacting to a series of experiences, situations, and events produced by political, economic, social and cultural changes." – Prof. Dr. Yunus
Realization has gradually dawned on all concerned that a...